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A Drop In Commodity Prices Impact Sub-Saharan Africa Growth

A Drop In Commodity Prices Impact Sub-Saharan Africa Growth

Sub-Saharan growth was negatively impacted by falling commodity prices. “The growth forecasts for sub-Saharan Africa have been revised downward because of the decline in oil and raw materials prices, the Managing Executive Director of the International Monetary Fund (IMF), Christine Lagarde said Friday,” reports Star Africa.

“Nonetheless, Africa’s global outlook remains promising and, with a growth rate close to 5 percent, the region should have the second highest rate in the world in 2015, after Asia’s emerging countries,” Lagarde added while addressing Senegal lawmakers in Dakar.

She said Senegal can revive its economy and then put the region on the path to inclusive growth that reduces poverty.

“Senegal must depart from its disappointing results of economic growth over the past 30 years, with an average growth of about 3.5 percent,” Lagarde said.